Bundesbank brings home German gold from US and France, yet doesn’t check the authenticity

Bundes-bank

3400 Tons of gold (value: EUR 150 billion) will be kept by the Bundesbank due to the economic crisis, two-thirds of them are abroad, in London, Paris, New York.

Now, the Federal Reserve wants to store much of the gold reserves in Germany. A new storage concept foresees to revalue the local location Frankfurt am Main, so the “Handelsblatt”newspaper reported.

Accordingly should future store in New York City less German gold and none more are stockpiled in Paris at all. The new concept will be announced by the Bundesbank on Wednesday.

The reason for the gold move is a report of the Federal. IMAGE had already reported in October that the Federal Audit Office criticises the sloppy handling of the Bundesbank with the German gold treasure.

Criticism: German reserves stored in the vaults in the foreign country were never been checked on their “physical composition” and authenticity.

In the US Federal Reserve fed 45 percent the store therefore 3396 tons of gold in the Bank of England in London 13 percent, the Banque de France in Paris eleven per cent and at the headquarters in Frankfurt 31 percent. Originally, the Federal Republic at the time of the cold war and the Division of Germany for security reasons had distributed their gold on different partner countries.

Several times had reported image in the autumn about the scandal and hooked up, visited with the CDU foreign Philipp Mißfelder even the coffers of the Federal Reserve Bank of New York!

The Court of Auditors demanded a change of the previous test practice: instead of the bars only occasionally to take and to trust that the banks be stored the gold would have to be checked after a statistically safe procedures.

In Germany, the bars should be melted down. So, the quality of gold could be the best check, a Bundesbank spokesman said. Then, new bars are produced.

StratRisks